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FEDERAL DEBT
INTRODUCTION: Federal Debt
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FEDERAL DEBT
Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”
Treasury’s Bureau of the Fiscal Service compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.”
· Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.)
· Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public.
· In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketabletes at interest rates determined by law. Others invest in market-based special Treasury securities whose terms mirror those of marketable securities.
· Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”)
· Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt.
In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988.
The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs.
· In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling.
· Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public.
March 2015
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FEDERAL DEBT
March 2015
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FEDERAL DEBT
TABLE FD-1—Summary of Federal Debt
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]End of fiscal
year or month / Amount outstanding / Securities held by
Government accounts / The public
Total
(1) / Public debt
securities
(2) / Agency
securities
(3) / Total
(4) / Public debt
securities
(5) / Agency
securities
(6) / Total
(7) / Public debt securities
(8) / Agency
securities
(9)
2010 / 13,585,596 / 13,561,622 / 23,974 / 4,534,014 / 4,534,011 / 3 / 9,051,582 / 9,027,611 / 23,971
2011 / 14,815,328 / 14,790,340 / 24,988 / 4,658,307 / 4,658,301 / 6 / 10,157,021 / 10,132,039 / 24,982
2012 / 16,090,640 / 16,066,241 / 24,399 / 4,791,850 / 4,791,845 / 5 / 11,298,790 / 11,274,396 / 24,394
2013 / 16,763,286 / 16,738,183 / 25,103 / 4,757,211 / 4,757,205 / 5 / 12,006,076 / 11,980,978 / 25,098
2014 / 17,847,931 / 17,824,071 / 23,860 / 5,039,265 / 5,039,262 / 3 / 12,808,666 / 12,784,809 / 23,857
2013 - Dec / 17,376,462 / 17,351,970 / 24,492 / 4,996,782 / 4,996,776 / 5 / 12,379,680 / 12,355,194 / 24,487
2014 - Jan / 17,317,315 / 17,293,020 / 24,295 / 4,985,299 / 4,985,294 / 5 / 12,332,016 / 12,307,726 / 24,290
Feb / 17,487,306 / 17,463,229 / 24,077 / 4,971,041 / 4,971,036 / 5 / 12,516,265 / 12,492,193 / 24,072
Mar / 17,625,235 / 17,601,227 / 24,008 / 4,982,034 / 4,982,028 / 5 / 12,643,201 / 12,619,199 / 24,003
Apr / 17,532,411 / 17,508,437 / 23,974 / 5,005,168 / 5,005,163 / 5 / 12,527,243 / 12,503,274 / 23,969
May / 17,540,825 / 17,516,958 / 23,867 / 4,979,066 / 4,979,061 / 5 / 12,561,759 / 12,537,897 / 23,862
June / 17,656,646 / 17,632,606 / 24,040 / 5,060,590 / 5,060,585 / 5 / 12,596,056 / 12,572,021 / 24,035
July / 17,711,236 / 17,687,137 / 24,099 / 5,035,835 / 5,035,832 / 3 / 12,675,401 / 12,651,305 / 24,096
Aug / 17,772,901 / 17,749,172 / 23,729 / 5,016,743 / 5,016,740 / 3 / 12,756,158 / 12,732,432 / 23,726
Sept / 17,847,931 / 17,824,071 / 23,860 / 5,039,265 / 5,039,262 / 3 / 12,808,666 / 12,784,809 / 23,857
Oct / 17,961,205 / 17,937,160 / 24,045 / 5,080,312 / 5,080,309 / 3 / 12,880,893 / 12,856,851 / 24,042
Nov / 18,029,642 / 18,005,549 / 24,093 / 5,083,077 / 5,083,072 / 5 / 12,946,565 / 12,922,477 / 24,088
Dec / 18,165,823 / 18,141,444 / 24,379 / 5,117,631 / 5,117,626 / 5 / 13,048,192 / 13,023,818 / 24,374
End of fiscal
year or month / Federal debt securities / Securities held by Government accounts / Securities held by the public
Amount outstanding face value
(10) / Net unamortized premium and discount
(11) / Accrual
amount
(12) / Amount outstanding face value
(13) / Net unamortized premium and discount
(14) / Accrual
amount
(15) / Amount outstanding face value
(16) / Net unamortized premium and discount
(17) / Accrual
amount
(18)
2010 / 13,585,596 / 58,963 / 13,526,633 / 4,534,014 / 25,145 / 4,508,869 / 9,051,582 / 33,818 / 9,017,764
2011 / 14,815,328 / 53,105 / 14,762,223 / 4,658,307 / 23,697 / 4,634,610 / 10,157,021 / 29,408 / 10,127,613
2012 / 16,090,640 / 42,529 / 16,048,111 / 4,791,850 / 23,592 / 4,768,258 / 11,298,790 / 18,937 / 11,279,854
2013 / 16,763,286 / 46,496 / 16,716,791 / 4,757,211 / 22,292 / 4,734,919 / 12,006,076 / 24,203 / 11,981,872
2014 / 17,847,931 / 55,907 / 17,792,023 / 5,039,265 / 26,678 / 5,012,587 / 12,808,666 / 29,229 / 12,779,436
2013 - Dec / 17,376,462 / 54,420 / 17,322,042 / 4,996,782 / 27,548 / 4,969,234 / 12,379,680 / 26,872 / 12,352,809
2014 - Jan / 17,317,315 / 55,224 / 17,262,090 / 4,985,299 / 27,500 / 4,957,798 / 12,332,016 / 27,724 / 12,304,291
Feb / 17,487,306 / 55,662 / 17,431,644 / 4,971,041 / 27,250 / 4,943,791 / 12,516,265 / 28,412 / 12,487,853
Mar / 17,625,235 / 55,549 / 17,569,686 / 4,982,034 / 27,152 / 4,954,881 / 12,643,201 / 28,397 / 12,614,805
Apr / 17,532,411 / 54,928 / 17,477,484 / 5,005,168 / 27,074 / 4,978,095 / 12,527,243 / 27,854 / 12,499,389
May / 17,540,825 / 54,672 / 17,486,154 / 4,979,066 / 26,984 / 4,952,082 / 12,561,759 / 27,688 / 12,534,072
June / 17,656,646 / 54,540 / 17,602,106 / 5,060,590 / 26,931 / 5,033,658 / 12,596,056 / 27,609 / 12,568,448
July / 17,711,236 / 54,773 / 17,656,461 / 5,035,835 / 26,827 / 5,009,008 / 12,675,401 / 27,946 / 12,647,453
Aug / 17,772,901 / 54,566 / 17,718,335 / 5,016,743 / 26,745 / 4,989,998 / 12,756,158 / 27,821 / 12,728,337
Sept / 17,847,931 / 55,907 / 17,792,023 / 5,039,265 / 26,678 / 5,012,587 / 12,808,666 / 29,229 / 12,779,436
Oct / 17,961,205 / 54,025 / 17,907,180 / 5,080,312 / 26,658 / 5,053,654 / 12,880,893 / 27,367 / 12,853,526
Nov / 18,029,642 / 54,771 / 17,974,870 / 5,083,077 / 26,582 / 5,056,495 / 12,946,565 / 28,189 / 12,918,375
Dec / 18,165,823 / 54,822 / 18,111,001 / 5,117,631 / 26,558 / 5,091,073 / 13,048,192 / 28,264 / 13,019,929
/
TABLE FD-2—Debt Held by the Public
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]End of fiscal
year or month / Total public debt securities outstanding
(1) / Marketable / Non-marketable Total
(8)
Total
(2) / Bills
(3) / Notes
(4) / Bonds
(5) / Treasury
inflation-protected securities
(6) /
Floating
rate
notes
(7)
2010 / 9,022,808 / 8,475,928 / 1,783,675 / 5,252,585 / 846,054 / 593,614 / - / 546,880
2011 / 10,127,031 / 9,604,300 / 1,475,557 / 6,406,983 / 1,016,407 / 705,352 / - / 522,731
2012 / 11,269,586 / 10,730,170 / 1,613,026 / 7,114,960 / 1,194,715 / 807,469 / - / 539,415
2013 / 11,976,279 / 11,577,400 / 1,527,909 / 7,750,336 / 1,363,114 / 936,041 / - / 398,879
2014 / 12,784,971 / 12,271,552 / 1,409,628 / 8,160,196 / 1,534,069 / 1,044,676 / 122,985 / 513,419
2013 - Dec / 12,355,427 / 11,846,292 / 1,590,563 / 7,875,065 / 1,408,110 / 972,555 / - / 509,134
2014 - Jan / 12,308,143 / 11,802,070 / 1,484,438 / 7,922,464 / 1,421,110 / 959,058 / 15,000 / 506,073
Feb / 12,492,550 / 11,988,056 / 1,612,321 / 7,942,678 / 1,437,113 / 967,944 / 28,000 / 504,494
Mar / 12,619,319 / 12,112,021 / 1,650,233 / 7,986,238 / 1,450,114 / 984,436 / 41,000 / 507,298
Apr / 12,503,468 / 11,992,829 / 1,457,136 / 8,027,406 / 1,463,107 / 989,179 / 56,001 / 510,640
May / 12,538,030 / 12,024,603 / 1,447,025 / 8,021,081 / 1,479,104 / 1,008,398 / 68,995 / 513,427
June / 12,572,220 / 12,061,707 / 1,386,402 / 8,082,061 / 1,492,100 / 1,019,148 / 81,995 / 510,513
July / 12,651,478 / 12,140,157 / 1,408,232 / 8,116,078 / 1,505,091 / 1,013,761 / 96,995 / 511,321
Aug / 12,732,612 / 12,222,481 / 1,450,293 / 8,109,269 / 1,521,088 / 1,031,836 / 109,996 / 510,130
Sept / 12,784,971 / 12,271,552 / 1,409,628 / 8,160,196 / 1,534,069 / 1,044,676 / 122,985 / 513,419
Oct / 12,857,056 / 12,340,028 / 1,412,388 / 8,192,466 / 1,547,073 / 1,050,110 / 137,991 / 517,029
Nov / 12,922,682 / 12,398,866 / 1,438,321 / 8,182,673 / 1,563,086 / 1,063,795 / 150,991 / 523,816
Dec / 13,023,951 / 12,495,638 / 1,456,692 / 8,221,366 / 1,576,087 / 1,077,503 / 163,991 / 528,313
Nonmarketable, continued
End of fiscal
year or month / U.S. savings securities
(9) / Depositary
compensation
securities
(10) / Foreign series
(11) / Government
account series
(12) / State and local government series
(13) / Domestic
series
(14) / Other
(15)
2010 / 188,796 / - / 4,186 / 129,355 / 193,208 / 29,995 / 1,340
2011 / 185,187 / - / 2,986 / 151,346 / 151,831 / 29,995 / 1,386
2012 / 183,661 / - / 2,986 / 162,880 / 158,514 / 29,995 / 1,380
2013 / 180,022 / - / 2,986 / 60,445 / 124,079 / 29,995 / 1,353
2014 / 176,762 / - / 2,986 / 196,520 / 105,668 / 29,995 / 1,489
2013 - Dec / 179,226 / - / 2,986 / 179,999 / 115,488 / 29,995 / 1,440
2014 - Jan / 178,859 / - / 2,986 / 182,465 / 110,348 / 29,995 / 1,420
Feb / 178,679 / - / 2,986 / 184,273 / 107,175 / 29,995 / 1,386
Mar / 178,372 / - / 2,986 / 186,051 / 108,536 / 29,995 / 1,358
Apr / 178,128 / - / 2,986 / 185,732 / 112,423 / 29,995 / 1,376
May / 178,000 / - / 2,986 / 188,739 / 112,277 / 29,995 / 1,431
June / 177,677 / - / 2,986 / 186,544 / 111,858 / 29,995 / 1,454
July / 177,343 / - / 2,986 / 190,687 / 108,822 / 29,995 / 1,488
Aug / 177,030 / - / 2,986 / 193,237 / 105,440 / 29,995 / 1,443
Sept / 176,762 / - / 2,986 / 196,520 / 105,668 / 29,995 / 1,489
Oct / 176,610 / - / 264 / 201,682 / 106,915 / 29,995 / 1,563
Nov / 176,399 / - / 264 / 203,272 / 112,324 / 29,995 / 1,560
Dec / 175,970 / - / 264 / 203,968 / 116,490 / 29,995 / 1,625
March 2015
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FEDERAL DEBT
TABLE FD-3—Government Account Series
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]End of fiscal
year or month / Total
(1) / Airport and
Airway
Trust Fund
(2) / Deposit Insurance Fund
(3) / Employees
Life
Insurance
Fund
(4) / Exchange Stabili-zation Fund
(5) / Federal Disability Insurance Trust Fund
(6) / Federal employees retirement
funds
(7) / Federal Hospital Insurance Trust Fund
(8) / Federal
Housing
Administration
(9)
2010 / 4,645,280 / 7,045 / 37,441 / 37,605 / 20,436 / 187,222 / 785,988 / 279,475 / 4,194
2011 / 4,793,916 / 8,641 / 34,926 / 39,678 / 22,721 / 161,965 / 811,768 / 245,939 / 4,160
2012 / 4,939,455 / 10,245 / 35,248 / 41,250 / 22,680 / 132,345 / 836,336 / 228,292 / 2,777
2013 / 4,803,100 / 11,808 / 36,864 / 41,951 / 22,669 / 100,791 / 731,125 / 206,010 / 3
2014 / 5,212,466 / 12,759 / 48,750 / 43,213 / 22,649 / 70,113 / 861,349 / 202,207 / -
2013 - Dec / 5,152,908 / 12,650 / 40,682 / 42,145 / 22,667 / 90,723 / 848,005 / 205,250 / 3